Home Inventory Video

Imagine a nightmare scenario. Your home has been destroyed by a fire or once-in-a-lifetime storm. The possessions you have worked hard to accumulate are destroyed in just a few hours. Devastated and at a loss of words, you find yourself talking to an insurance adjuster trying to give an account of all you have lost.

Navigating this scenario can be a tall order, considering the number of things you lost and your emotional state as well. At this moment, having a record of all the items you own can be your biggest asset. I recommend clients keep two types of documents just in case an event like this happens.

1. Home inventory video
2. A list of high-value items in your house

Create a Video of your Assets

In the early 2000s, there was a show called MTV Cribs. In this show, a celebrity would walk around their house and show off what they have. They would show off each room and even their cars. This is what I recommend doing.

Take your smartphone and record yourself walking around and describing the things you own. This can be a fun activity for a family. It may also help you find areas where you can declutter. Don’t forget to video the things you have in your garage, outside your home, hallways, attic, basement, and car.

Follow the 1% rule

Create a list of all the items in your home worth over 1% of your annual gross income. For example, if you make $70,000 a year, anything worth $700 or more should be documented on this list. The value of the item should be aftermarket value adjusted. If you bought a TV for $1,100, it might only be worth $300 aftermarket. If you make $70,000 per year, that TV would not make the $700 threshold even though you bought the TV for $1,100.

List the following information for each item that meets the 1% rule.

• Description of the item
• Brand
• Retailer
• Purchase date
• Estimated value

Please make sure these items are the highlight of your “MTV Cribs” video. Even going as far as taking different angles and views of the object.

Save both the video and the list utilizing the many free cloud storage services available. I like cloud storage just in case your home is destroyed, your files will be off-site and readily accessible. Consider updating your inventory video and list at least once a year.

This exercise should only take a few hours, but the peace of mind it will bring will provide you with better sleep at night.